Moving after buying a multi-family house with FHA mortage?

[Federico Fej]

So, i am in the process of buying my first property which is a 4 unit multi-family property. I am doing an FHA loan and will move in once approved. The thing is, i am excited about this and already want to buy another property, in this case a single family house. Am I able to move with an FHA loan from a multi-family property to a single family house in less than a year as stipulated by FHA? Wondering since i heard once someone mention an exception if it was this type of move. Also, i know i can change loan types but that is not the idea. Thank you! Appreciate your input!

[Jason Wray]

When you purchase a home using FHA there is a 12 month occupancy seasoning. There are some situations where you can move out prior. Moving out of state, moving closer to work, school or moving into a bigger home due to expanding family like "pregnant" and/or requiring additional rooms or larger GLA.

If you purchase a 2-4 unit and try to purchase another 2-4 unit if they are not "Common" to the area you will have a hard time. If you go from a 2-4 unit into a SFR -Single Family Residence it will be easier in underwriting.

You also have the option to refinance into a conventional loan as early as 6 months if the equity/LTV meets guidelines.